ROCHESTER, N.Y. - June 10, 2009
Security Mortgage Group is pleased to announce the closings of five mortgages. Our loans serviced properties in three states and were secured by 947 sites. Despite economic fluctuations, we were still easily able to close good loans for our clients.
Seaport Campground of Old Mystic, CT secured $2,650,000 in permanent mortgage financing on May 22, 2009. This northeastern RV resort has 130 sites.
Erin Estates Mobile Home Park refinanced its mortgage on May 29, 2009. The 66-home site park in Erin, New York received $650,000. Also on May 29, Cayuga Lake MH Park acquired funding of $1,150,000 for its 150 home sites in Moravia, New York.
On June 5, 2009, Thurm's Estates Manufactured Housing Community, with 325 sites in Calverton, New York, closed on a permanent mortgage of $14,200,000 with a 10 year term and a 30 year amortization schedule.
Finally, Millennium at Towne Center Apartments of Baton Rouge, LA secured $24,560,000 in acquisition financing. The loan, which closed on June 10, 2009, had a 10 year term and 30 year amortization. Millennium at Towne Center has 276 apartments.
Security Mortgage Group is the premier national lending source for Manufactured Housing Communities, RV Parks, Storage Facilities, Multi Family and all other income producing property types.